I am preparing accounts (and will need to submit tax comp in due course) for a newly set-up CIC (a professional sports club and not a CASC) which at its outset had transferred into it the remaining surplus funds of the unincorporated body that previously had, for many years, run the club.
What is the nature of this "transfer in" of these funds? Donation?
And is it taxable? The money was, as HMRC says in BIM41810, used to supplement trading and carry on the business of course.